Emotional
spending occurs when you experience different feelings and emotions. Whether
you are unhappy, depressed, bored or even happy about that raise – you are
prone to buy something you don’t really need or don’t even like! Its fine to
treat yourself once in a while, but ONLY if you can afford it. If you are
spending money emotionally on things you don’t need and then struggle to pay
your bills - that’s when you have to start doing something about it. Even though
it’s not realistic to stop emotional spending once and for all, there is still
a lot you can do to decrease the damage to your financial situation. Retail therapy is not an antidepressant; it’s
a mistake!

- Recognise
emotional spending habit. Remember all the things you bought in the last month.
Were these useful? Did you like what you bought? Did you feel guilty for
spending? If you feel guilty about something you bought even a few months back
and then struggled to pay for the necessities, then… you spend your money
emotionally. It’s not about whether you do it or not; it’s what you do about it
that counts.

- Stop
making impulsive purchases. Take your time before you buy something. Think carefully
whether you need it. What would happen if you would buy it? What would happen
if you wouldn't buy it? Give yourself at least a day or so to make a firm
decision about your purchase and about the consequences to your wallet.

- Avoid
situations where you might slip. Stop going to shopping malls, leave your
credit cards in the freezer or unsubscribe from receiving product catalogues.
Do whatever it takes for you personally to stop spending emotionally and start
spending wisely. Retail therapy is not about spending, it’s about investing.

- For
the next month do not spend money on treats for yourself. Start appreciating
and being satisfied with what you already have. More spending will lead to more
debt. There is absolutely no reason to get into more debt for a few happy
moments after you buy something. Stop all the unnecessary spending, such as
buying a cup of coffee every day before you go to work. Just think of it this
way: “The difference between rich people
and poor people is that poor people spend their money and save what’s left;
rich people save their money and spend what’s left.” (Jim Rohn,
motivational speaker).

- Retail
therapy only suppresses your feelings and emotions. Next time you spend money
emotionally note down what you feel about the purchase at the time you buy and
after. Learn to recognise your emotions – usually you will feel sad and
disappointed. Emotional spending is just an anaesthetic to your feelings. Remember
that the effect wears off. Start dealing with your emotions in appropriate
manner.

- Start
building yourfinancial confidence today. Feel good about paying down the
debts. Learn to reward yourself in ways, which don’t involve money. Spend some
quality time with your friends and family, read a book or find an alternative
activity, which is unique to you. Only do things that make you experience
positive emotions that are long lasting.

- Always
remember that only you are accountable for your actions and only you can get
yourself out of debt and get closer to financial stability and security. Make a
list of things you want to save money for. Make sure the things on the list are
meaningful! Keep the list in a visible place, for example, on the fridge door.
Constantly remind yourself that you are not spending money emotionally for a
good reason.

- Think that the situation can get worse. Overspending
can become an addiction – its oniomania, which is a chemical dependency. Gain control
over your finances while you can. Don’t spend money to avoid yourself!

Be healthy,
happy and wealthy…. and Remember: “I have enough money to last me the rest of
my life, unless I buy something.”